Business & Finance Blog

Things To Consider When Buying A Life Insurance Policy

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Filipinos tend to have a negative perception when it comes to insurance policies. This is true, especially when talking about life insurance PH. Many do not realize that it is one of the most important things that people need today.

Anything might happen. Putting off buying a life insurance policy because you are young and healthy might increase the chances of unforeseen accidents happening before getting covered.

Purchasing life insurance is part of financial planning as it provides protection for the insured against the uncertainties in life like sickness, disability, and the worse of all, death. Suffering from such unfortunate incidents can be costly and can impact your long-term plans. 

The primary advantage of life insurance is the financial protection that the insured’s family will get should the policyholder have had an untimely death. However, people can get many other essential benefits depending on the specific type of policy and the amount of coverage availed.

Such benefits include:

  • Tax advantages of life insurance as the death benefit is generally accessible. Some policies also have features that can help transfer money to heirs with fewer liabilities.
  • Depending on what policy availed, the insured’s beneficiaries can use a cash value that can accumulate over time which can be used to pay for premiums later.
  • Life insurance policies can be bundled with other types of coverage, such as disability insurance if an insured cannot work. It can supplement income or replace a portion of salary.

Despite what other people might believe, life insurance is better when you are younger and healthier. Insurance companies give younger customers lower rates as they have a longer life expectancy, are less likely to have severe disease, and are likely to pay premiums for a long time. 

If you are convinced that you need a life insurance policy, it is best to have research beforehand. Look for a reliable insurance comparison website to find the best insurance provider to fit your needs and budget.

Lastly, ensure to know what things you need to consider when buying a life insurance policy. Click this infographic from iChoose to learn more.


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